Corbett v Nysir UK Ltd

Corbett v Nysir UK Ltd

Despite Mr Corbett being a creditor and NYSIR UK being insolvent, the existence of substantial disputed debts and cross-claims, opposition from major creditor Landsbanki, and vague proposals from the proposed administrators mean there is no compelling reason to make an administration order before the disputes are resolved.

Parties
Claimant: Martin Corbett; Defendant: NYSIR UK Limited
Jurisdiction
England and Wales
Judgment Date
31 October 2008
Procedural Posture
Application for Administration Order / Judgment
Outcome
Application for administration order dismissed
Legal Topics
Administration Order, Creditor Status, Insolvency, Cross Claims, Disputed Debts, Discretion in Administration
Insolvency Company Law Administration Order Creditor Status Cross Claims Disputed Debts Discretion in Administration

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Parties

Martin Corbett

Claimant

NYSIR UK Limited

Defendant

Procedural Posture

Application for Administration Order / Judgment

Legal Issues

  1. 1 Whether Mr Corbett is a creditor for the purposes of paragraph 12(1)(c) of Schedule B1 Insolvency Act 1986
  2. 2 Whether NYSIR UK is insolvent or likely to become insolvent
  3. 3 Whether an administration order should be made in light of disputed debts and cross-claims

Ratio Decidendi

Despite Mr Corbett being a creditor and NYSIR UK being insolvent, the existence of substantial disputed debts and cross-claims, opposition from major creditor Landsbanki, and vague proposals from the proposed administrators mean there is no compelling reason to make an administration order before the disputes are resolved.

Court Disposition

Application for administration order dismissed